International donors pledged more than $11 billion (Dh40.4bn) for Lebanon at a conference in Paris, as global actors jostled for influence in a country that has borne much of the weight of the conflict in Syria.
The Cedre conference was billed as an event to show international support for a small nation that has an estimated population of six million with at least 1.5 million refugees from neighbouring Syria.
French President Emmanuel Macron said that the world is helping the region by supporting Lebanon.
“Lebanon must be a pole of stability in the region … it is no longer about grants, it’s about investments and structural reforms,” he told the conference on Friday.
Going into the session, western diplomats were sceptical that the gathering would be a success, doubting its capacity to come close to the requirements of Lebanon’s $16bn investment programme. They were wrong.
The re-pledging of a $1bn credit line from Saudi Arabia — which was offered and subsequently withdrawn some 10 years ago — and $670 million from France helped the conference exceed even the most optimistic of Lebanese estimates. Other pledges included $1.35bn in loans from the European Bank for Reconstruction and Development and $500m from The Kuwait Fund for Development.
Pledges from non-state financial institutions were also significant with the World Bank announcing $4bn in soft loans and the Islamic Development Bank pledging $750m.
Kristalina Georgieva, chief executive of the World Bank, said that “Lebanon has done its duty to the world, and it is time for the world to do its duty for Lebanon”.
Lebanese Prime Minister Saad Hariri said that his country had long endured the burdens of other countries as he asked for increased international support.
“We are a very small country, hosting 1.5 million refugees,” he said. “We bear the weight of many nations.
“Lebanon has history of at one point facing civil war, and being refugees ourselves. This does not mean we can do it forever.”
Officials from 50 countries gave a standing ovation as Mr Macron announced the final figure exceeded $11bn.
He and Mr Hariri, however, emphasised this was not a call for aid — though around $860m of the pledges were grants, much of the cash came with strings attached; namely reform and transparency.
“It is important to continue reforms in the coming months, we will be by your side,” Mr Macron said.
Mr Hariri said the conference was the first step to modernise the Lebanese economy, renovate its infrastructure and allow for the private sector to flourish.
He said he aimed to reduce the country’s swollen budget deficit by five per cent in the next five years.
________________
Read more
Lebanon promised more than $10bn in grants and loans
Lebanese politicians and experts weight in on Cedre conference
Lebanon's donor conference is a 'Band-Aid' to the debt-laden country's financial woes
________________
The amount raised on Friday was far from the total at the first investment session organised for Lebanon in Paris in 2001, which saw donations of less than $1bn.
As France under Mr Macron attempted to increase its engagement with Lebanon, over which it held mandate power in the first half of the 20th century, many believe the influence of Saudi Arabia, whose royal family is close to the Hariri clan, has waned in recent years.
In February 2016, the kingdom scrapped $4bn worth of military aid to Lebanon, whose government includes members of the Tehran-backed Hezbollah group, over what it described as the "seizure by what is called Lebanese Hezbollah of the state administration".
Some also accused Saudi Arabia of being behind Mr Hariri’s surprise resignation from Riyadh, which he later withdrew. Saudi officials have rejected the accusations, labelling them “ridiculous”.
Mr Macron’s success in bringing Mr Hariri to France immediately after the resignation was regarded by many as a diplomatic coup, and a sign that Paris was looking to reassert itself both in Lebanon and the region, said Karim Bitar, a senior research fellow at the Institute for International and Strategic Relations in Paris.
"Macron is definitely trying to fill in the gap that was left by US retrenchment," he told The National.
“He managed the Hariri situation well … Now he is trying to use political and economic leverage to play a wider role, but also to reflect [France’s] own interests.
“As he said in his speech — your security is our security. This is not just altruistic.”
Just weeks before Lebanon’s first parliamentary elections in almost a decade, Mr Hariri will return to Beirut with a portfolio of pledges. However, the money is still not in Lebanese hands and must first be agreed upon and ratified by parliament, which itself has struggled to pass critical decisions. In 2017, it passed the country’s first budget since 2005 after years of arguing between rival parties.
Despite his promise to “fast-track” the pledges, Mr Hariri will have his work cut out for him as he races to ratify at least some of the loans before next month’s election.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
Zayed Sustainability Prize
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
more from Janine di Giovanni
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.1%22%20Super%20Retina%20XDR%20OLED%2C%202778%20x%201284%2C%20458ppi%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%201200%20nits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A15%20Bionic%2C%206-core%20CPU%2C%205-core%20GPU%2C%2016-core%20Neural%20Engine%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%206GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20main%20(f%2F1.5)%20%2B%2012MP%20ultra-wide%20(f%2F2.4)%3B%202x%20optical%2C%205x%20digital%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%3B%20HD%20slo-mo%20%40%20120%2F240fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%3B%20Animoji%2C%20Memoji%3B%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20slo-mo%20%40%20120fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204323%20mAh%2C%20up%20to%2026h%20video%2C%2020h%20streaming%20video%2C%20100h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030m%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Lightning%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20SIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Blue%2C%20midnight%2C%20purple%2C%20starlight%2C%20Product%20Red%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPhone%2014%2C%20USB-C-to-Lightning%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C799%20%2F%20Dh4%2C199%20%2F%20Dh5%2C049%3C%2Fp%3E%0A
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
THE%20STRANGERS'%20CASE
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Brandt%20Andersen%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EOmar%20Sy%2C%20Jason%20Beghe%2C%20Angeliki%20Papoulia%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
More from Rashmee Roshan Lall
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
UAE currency: the story behind the money in your pockets
Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
